A reader shared this article on one of our open threads. It’s a news story based on a Pew Research study from last year which notes that we’re still a ways off from fully shaking off our post-recession hangover:
The research group found that, “nationwide, the median income of U.S. households in 2014 stood at 8% less than in 1999, a reminder that the economy has yet to fully recover from the effects of the Great Recession of 2007-2009.”
If my math is correct, median income dropped by about 7% for the upper class. Given that my household income still isn’t within reach of joining the local country club anytime soon, I can only think of that time on Gilligan’s Island that Mrs Howell explained how devastating the Great Depression was on Thurston because he “became only a millionaire”. Then I snicker, shake my head, and down a can of Milwaukee’s Best.
It’s not that I’m unsympathetic to anyone’s plight, it’s just that the rich were plenty rich in 2007 and they’re still plenty rich now. I’m not one to complain about income inequality or even to covet my neighbor’s crap, but it says a lot about our current state of stratification that one group can take that large a hit on income and still be quite prosperous.
Who was hit hardest and still has yet to recover? The poor, of course. They took almost a 10% decrease in median income. Is there anything that doesn’t suck harder for them?